Medpace Holdings, Inc. (MEDP) 10-Year Financial Performance & Capital Metrics

MEDP • • Industrial / General

HealthcareDiagnostics & ResearchContract Research & Clinical Trial ServicesClinical Research Organizations

AboutMedpace Holdings, Inc. provides clinical research-based drug and medical device development services in North America, Europe, and Asia. It offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. The company also provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and development plan design, coordinated central laboratory, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, and post-marketing clinical support services. In addition, it offers bio-analytical laboratory services, clinical human pharmacology, imaging services, and electrocardiography reading support for clinical trials. The company was founded in 1992 and is based in Cincinnati, Ohio.Show more

Revenue $2.11B +11.8%
EBITDA $476M +31.1%
Net Income $404M +43.0%
EPS (Diluted) 12.63 +42.2%
Gross Margin 31.12% +11.9%
EBITDA Margin 22.58% +17.2%
Operating Margin 21.19% +18.6%
Net Margin 19.17% +27.9%
ROE 58.42% -2.4%
ROIC 88.05% +74.7%
Debt/Equity 0.18 -28.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 51.6%
✓Strong 5Y profit CAGR of 32.1%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 27.1% free cash flow margin
✓Momentum leader: RS Rating 86 (top 14%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Expensive at 24.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y21.94%

5Y19.62%

3Y22.68%

TTM13.88%

Profit (Net Income) CAGR

10Y-

5Y32.12%

3Y30.53%

TTM18.42%

EPS CAGR

10Y-

5Y36.45%

3Y37.96%

TTM25.31%

ROCE

10Y Avg22.4%

5Y Avg35.3%

3Y Avg46.02%

Latest51.72%

Peer Comparison

Clinical Research Organizations

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MEDPMedpace Holdings, Inc.	17.41B	618.04	48.93	11.84%	18.36%	147.46%	3.29%	0.18
IQVIQVIA Holdings Inc.	41.09B	241.28	32.21	2.81%	8.07%	20.4%	5.14%	2.33
ICLRICON Public Limited Company	13.94B	182.56	19.16	1.99%	7.4%	6.42%	8.02%	0.38

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	359.06M	421.58M	436.15M	704.59M	860.97M	925.92M	1.14B	1.46B	1.89B	2.11B
Revenue Growth %	0.24%	0.17%	0.03%	0.62%	0.22%	0.08%	0.23%	0.28%	0.29%	0.12%
Cost of Goods Sold+	202.66M	249.47M	261.46M	489.06M	615.27M	647.2M	814.22M	1.03B	1.36B	1.45B
COGS % of Revenue	0.56%	0.59%	0.6%	0.69%	0.71%	0.7%	0.71%	0.7%	0.72%	0.69%
Gross Profit+	156.39M	172.11M	174.69M	215.53M	245.7M	278.73M	328.15M	432.44M	524.5M	656.3M
Gross Margin %	0.44%	0.41%	0.4%	0.31%	0.29%	0.3%	0.29%	0.3%	0.28%	0.31%
Gross Profit Growth %	0.17%	0.1%	0.01%	0.23%	0.14%	0.13%	0.18%	0.32%	0.21%	0.25%
Operating Expenses+	135.83M	119.62M	109.83M	114.48M	118.43M	111.68M	129.54M	153.74M	187.68M	209.44M
OpEx % of Revenue	0.38%	0.28%	0.25%	0.16%	0.14%	0.12%	0.11%	0.11%	0.1%	0.1%
Selling, General & Admin	57M	61.51M	63.36M	75.68M	95.25M	92.16M	108.42M	131.4M	161.35M	180.18M
SG&A % of Revenue	0.16%	0.15%	0.15%	0.11%	0.11%	0.1%	0.09%	0.09%	0.09%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	78.83M	58.11M	46.47M	38.8M	23.19M	19.53M	21.12M	22.34M	26.33M	29.25M
Operating Income+	20.56M	52.49M	64.86M	101.05M	127.26M	167.04M	198.62M	278.7M	336.82M	446.87M
Operating Margin %	0.06%	0.12%	0.15%	0.14%	0.15%	0.18%	0.17%	0.19%	0.18%	0.21%
Operating Income Growth %	-0.21%	1.55%	0.24%	0.56%	0.26%	0.31%	0.19%	0.4%	0.21%	0.33%
EBITDA+	90.08M	110.6M	111.33M	139.85M	150.45M	186.57M	219.73M	301.04M	363.15M	476.12M
EBITDA Margin %	0.25%	0.26%	0.26%	0.2%	0.17%	0.2%	0.19%	0.21%	0.19%	0.23%
EBITDA Growth %	-0.04%	0.23%	0.01%	0.26%	0.08%	0.24%	0.18%	0.37%	0.21%	0.31%
D&A (Non-Cash Add-back)	69.52M	58.11M	46.47M	38.8M	23.19M	19.53M	21.12M	22.34M	26.33M	29.25M
EBIT	19.43M	41.34M	64.5M	101.05M	127.26M	167.04M	198.62M	278.7M	336.82M	446.87M
Net Interest Income+	-27.26M	-19.38M	-7.56M	-8.16M	-1.57M	307K	-105K	-2.9M	-488K	25M
Interest Income	0	0	0	0	0	307K	0	0	0	25M
Interest Expense	27.26M	19.38M	7.56M	8.16M	1.57M	0	105K	2.9M	488K	0
Other Income/Expense	-28.39M	-30.53M	-7.91M	-7.1M	-2.43M	1.49M	3.24M	4.16M	-1.14M	29.05M
Pretax Income+	-7.83M	21.96M	56.95M	93.95M	124.83M	168.53M	201.85M	282.86M	335.68M	475.92M
Pretax Margin %	-0.02%	0.05%	0.13%	0.13%	0.14%	0.18%	0.18%	0.19%	0.18%	0.23%
Income Tax+	843K	8.53M	17.82M	20.77M	24.39M	23.15M	20M	37.49M	52.87M	71.54M
Effective Tax Rate %	1.11%	0.61%	0.69%	0.78%	0.8%	0.86%	0.9%	0.87%	0.84%	0.85%
Net Income+	-8.67M	13.43M	39.12M	73.19M	100.44M	145.38M	181.85M	245.37M	282.81M	404.39M
Net Margin %	-0.02%	0.03%	0.09%	0.1%	0.12%	0.16%	0.16%	0.17%	0.15%	0.19%
Net Income Growth %	0.44%	2.55%	1.91%	0.87%	0.37%	0.45%	0.25%	0.35%	0.15%	0.43%
Net Income (Continuing)	-8.67M	13.43M	39.12M	73.19M	100.44M	145.38M	181.85M	245.37M	282.81M	404.39M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.28	0.37	0.98	1.97	2.67	3.84	4.81	7.28	8.88	12.63
EPS Growth %	0.47%	2.32%	1.65%	1.01%	0.36%	0.44%	0.25%	0.51%	0.22%	0.42%
EPS (Basic)	-0.28	0.38	1.00	2.05	2.79	4.07	5.06	7.57	9.20	13.06
Diluted Shares Outstanding	39.63M	36.33M	39.84M	36.91M	37.58M	37.71M	37.7M	33.67M	31.84M	32.01M
Basic Shares Outstanding	39.63M	35.69M	39.06M	35.55M	35.88M	35.63M	35.86M	32.39M	30.72M	30.96M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	94.72M	133.25M	129.97M	178.11M	317.03M	473.65M	690.91M	333.96M	593.83M	1.03B
Cash & Short-Term Investments	14.88M	37.1M	26.48M	23.27M	131.92M	277.77M	461.3M	28.27M	245.45M	669.44M
Cash Only	14.88M	37.1M	26.48M	23.27M	131.92M	277.77M	461.3M	28.27M	245.45M	669.44M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	65.09M	79.77M	83.08M	133.45M	155.66M	160.96M	186.43M	253.4M	298.4M	296.44M
Days Sales Outstanding	66.16	69.06	69.53	69.13	65.99	63.45	59.57	63.35	57.75	51.3
Inventory	2.86M	308K	7K	7K	0	0	0	0	0	0
Days Inventory Outstanding	5.15	0.45	0.01	0.01	-	-	-	-	-	-
Other Current Assets	2.86M	308K	7K	7K	0	0	0	52.29M	49.98M	63.35M
Total Non-Current Assets+	889.32M	845.86M	820.75M	789.82M	826.04M	917.03M	969.02M	1.02B	1.06B	1.07B
Property, Plant & Equipment	37.51M	43.8M	48.74M	52.26M	99.44M	198.83M	222.71M	248.92M	265.39M	252.26M
Fixed Asset Turnover	9.57x	9.62x	8.95x	13.48x	8.66x	4.66x	5.13x	5.87x	7.11x	8.36x
Goodwill	660.98M	660.98M	660.98M	660.98M	662.4M	662.4M	662.4M	662.4M	662.4M	662.4M
Intangible Assets	186.74M	136.07M	98.74M	69.18M	54.35M	46.47M	41.36M	38.01M	35.81M	34.37M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	3.93M	4.9M	5.94M	6.69M	9.48M	8.79M	17.42M	21.13M	24.97M	22.25M
Total Assets+	984.04M	979.11M	950.72M	967.93M	1.14B	1.39B	1.66B	1.35B	1.66B	2.1B
Asset Turnover	0.36x	0.43x	0.46x	0.73x	0.75x	0.67x	0.69x	1.08x	1.14x	1.00x
Asset Growth %	-0.1%	-0.01%	-0.03%	0.02%	0.18%	0.22%	0.19%	-0.19%	0.23%	0.27%
Total Current Liabilities+	134.02M	168.6M	192.71M	257.03M	343M	440.11M	557.22M	803.47M	925.13M	1.1B
Accounts Payable	8.73M	10.91M	16.67M	16.74M	22.4M	26.55M	25.68M	33.07M	31.87M	32.53M
Days Payables Outstanding	15.72	15.96	23.28	12.49	13.29	14.97	11.51	11.75	8.54	8.17
Short-Term Debt	59K	12.38M	16.5M	0	0	0	0	50M	0	23.29M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	71.26M	76.69M	81.81M	36.2M	53.11M	63.73M	85.46M	118.74M	116.26M	115.27M
Current Ratio	0.71x	0.79x	0.67x	0.69x	0.92x	1.08x	1.24x	0.42x	0.64x	0.93x
Quick Ratio	0.69x	0.79x	0.67x	0.69x	0.92x	1.08x	1.24x	0.42x	0.64x	0.93x
Cash Conversion Cycle	55.59	53.55	46.26	56.64	-	-	-	-	-	-
Total Non-Current Liabilities+	436.55M	199.79M	254.48M	121.2M	73.79M	144.79M	149.79M	162.64M	172.75M	170.77M
Long-Term Debt	377.88M	151.27M	205.11M	79.72M	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	45.21M	115.14M	130.97M	138.87M	142.12M	126.23M
Deferred Tax Liabilities	21.1M	12.03M	560K	439K	12.85M	13.55M	1.08M	1.07M	2.4M	1.8M
Other Non-Current Liabilities	37.56M	36.49M	48.81M	41.04M	15.72M	16.09M	17.75M	22.7M	28.22M	42.73M
Total Liabilities	570.57M	368.39M	447.19M	378.23M	416.79M	584.9M	707.01M	966.11M	1.1B	1.28B
Total Debt+	377.94M	163.64M	221.61M	79.72M	45.21M	115.14M	130.97M	188.87M	142.12M	149.52M
Net Debt	363.06M	126.54M	195.13M	56.45M	-86.71M	-162.62M	-330.34M	160.6M	-103.33M	-519.91M
Debt / Equity	0.91x	0.27x	0.44x	0.14x	0.06x	0.14x	0.14x	0.49x	0.25x	0.18x
Debt / EBITDA	4.20x	1.48x	1.99x	0.57x	0.30x	0.62x	0.60x	0.63x	0.39x	0.31x
Net Debt / EBITDA	4.03x	1.14x	1.75x	0.40x	-0.58x	-0.87x	-1.50x	0.53x	-0.28x	-1.09x
Interest Coverage	0.75x	2.71x	8.58x	12.39x	81.16x	-	1891.57x	95.94x	690.22x	-
Total Equity+	413.47M	610.71M	503.53M	589.7M	726.28M	805.78M	952.93M	386.39M	558.95M	825.54M
Equity Growth %	0.03%	0.48%	-0.18%	0.17%	0.23%	0.11%	0.18%	-0.59%	0.45%	0.48%
Book Value per Share	10.43	16.81	12.64	15.98	19.33	21.37	25.28	11.48	17.55	25.79
Total Shareholders' Equity	413.47M	610.71M	503.53M	589.7M	726.28M	805.78M	952.93M	386.39M	558.95M	825.54M
Common Stock	326K	407K	355K	356K	360K	355K	360K	309K	308K	306K
Retained Earnings	-23.01M	-9.58M	-120.4M	-41.49M	68.11M	115.23M	234.98M	-359.83M	-221.65M	8.17M
Treasury Stock	0	0	-6.03M	-6.03M	-6.03M	-5.58M	-5.43M	-12.5M	-12.32M	-12.23M
Accumulated OCI	-2.56M	-3.74M	-734K	-2.52M	-2.74M	-131K	-4.85M	-12.39M	-10.07M	-14.74M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	85.87M	91.73M	97.39M	156.58M	201.87M	258.68M	263.33M	388.05M	433.37M	608.82M
Operating CF Margin %	0.24%	0.22%	0.22%	0.22%	0.23%	0.28%	0.23%	0.27%	0.23%	0.29%
Operating CF Growth %	0.14%	0.07%	0.06%	0.61%	0.29%	0.28%	0.02%	0.47%	0.12%	0.4%
Net Income	-8.67M	13.43M	39.12M	73.19M	100.44M	145.38M	181.85M	245.37M	282.81M	404.39M
Depreciation & Amortization	69.52M	58.11M	46.47M	38.8M	23.19M	19.53M	21.12M	22.34M	26.33M	29.25M
Stock-Based Compensation	22.32M	9.81M	4.46M	6.5M	20.74M	13.78M	14.47M	21.41M	20.52M	25.51M
Deferred Taxes	-12.69M	-9.01M	3.24M	3.94M	10.05M	527K	-37.11M	-23.01M	-25.12M	-26.63M
Other Non-Cash Items	11.76M	12.28M	-8.79M	-5.44M	11.86M	13.2M	16.3M	15.89M	22.35M	19.11M
Working Capital Changes	3.63M	7.1M	12.88M	39.6M	35.59M	66.26M	66.71M	106.06M	106.49M	157.18M
Change in Receivables	337K	-13.73M	-2.9M	-27.05M	-21.26M	-5.53M	-24.98M	-66.92M	-48.28M	2.24M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	2.48M	691K	4.82M	1.34M	4.73M	-2.6M	1.87M	6.43M	1.05M	-2.96M
Cash from Investing+	-6.43M	-13.42M	-12.24M	-16.97M	-19.14M	-31.21M	-31.36M	-38.74M	-34.63M	-28.31M
Capital Expenditures	-6.46M	-13.54M	-11.72M	-16.02M	-17.91M	-31.34M	-28.27M	-36.88M	-36.65M	-36.55M
CapEx % of Revenue	0.02%	0.03%	0.03%	0.02%	0.02%	0.03%	0.02%	0.03%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	33K	115K	-513K	-949K	-1.23M	126K	-3.09M	-1.86M	2.02M	8.24M
Cash from Financing+	-116.49M	-58.01M	-97.83M	-141.58M	-73.92M	-82.28M	-44.45M	-775.77M	-182.64M	-154.01M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.04M	-5.48M	130K	608K	6.52M	15.99M	17.64M	22.07M	11.38M	15.86M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	79.41M	78.19M	85.09M	140.56M	183.96M	227.34M	235.06M	351.17M	396.73M	572.27M
FCF Margin %	0.22%	0.19%	0.2%	0.2%	0.21%	0.25%	0.21%	0.24%	0.21%	0.27%
FCF Growth %	0.14%	-0.02%	0.09%	0.65%	0.31%	0.24%	0.03%	0.49%	0.13%	0.44%
FCF per Share	2.00	2.15	2.14	3.81	4.90	6.03	6.24	10.43	12.46	17.88
FCF Conversion (FCF/Net Income)	-9.90x	6.83x	2.49x	2.14x	2.01x	1.78x	1.45x	1.58x	1.53x	1.51x
Interest Paid	24.43M	16.89M	6.89M	7.59M	1.49M	104K	123K	2.94M	3.06M	171K
Taxes Paid	10.55M	17.65M	17.18M	23.31M	13.23M	23.11M	56.24M	50.16M	76.35M	83.57M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-2.13%	2.62%	7.02%	13.39%	15.27%	18.98%	20.68%	36.64%	59.83%	58.42%
Return on Invested Capital (ROIC)	1.91%	5.2%	6.78%	11.27%	14.85%	19.53%	23.54%	35.74%	50.39%	88.05%
Gross Margin	43.56%	40.83%	40.05%	30.59%	28.54%	30.1%	28.73%	29.62%	27.81%	31.12%
Net Margin	-2.42%	3.18%	8.97%	10.39%	11.67%	15.7%	15.92%	16.81%	15%	19.17%
Debt / Equity	0.91x	0.27x	0.44x	0.14x	0.06x	0.14x	0.14x	0.49x	0.25x	0.18x
Interest Coverage	0.75x	2.71x	8.58x	12.39x	81.16x	-	1891.57x	95.94x	690.22x	-
FCF Conversion	-9.90x	6.83x	2.49x	2.14x	2.01x	1.78x	1.45x	1.58x	1.53x	1.51x
Revenue Growth	23.8%	17.41%	3.46%	61.55%	22.19%	7.54%	23.38%	27.8%	29.17%	11.84%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Oncology	189.03M	256.77M	-	362.85M	467.8M	587.1M	651.24M
Oncology Growth	-	35.84%	-	-	28.92%	25.50%	10.92%
Metabolic	94.13M	138.65M	-	159.9M	244.68M	376.84M	457.54M
Metabolic Growth	-	47.30%	-	-	53.02%	54.01%	21.41%
Other	161.19M	222.51M	-	267.42M	296.91M	404.84M	431.38M
Other Growth	-	38.04%	-	-	11.03%	36.35%	6.56%
Cardiology	91.82M	91.26M	-	119.69M	174.63M	193.69M	230.45M
Cardiology Growth	-	-0.62%	-	-	45.90%	10.91%	18.98%
Central Nervous System	53.9M	65.39M	-	121.55M	157.94M	160.06M	181.98M
Central Nervous System Growth	-	21.31%	-	-	29.94%	1.34%	13.70%
Antiviral And Anti Infective	76.74M	86.39M	-	110.98M	118.03M	163.31M	156.46M
Antiviral And Anti Infective Growth	-	12.58%	-	-	6.36%	38.36%	-4.20%
Revenue Net	15.1M	18.9M	15.9M	34.5M	1.46B	1.89B	-
Revenue Net Growth	-	25.17%	-15.87%	116.98%	4131.87%	29.17%	-
Direct Revenue	-	-	-	-	-	-	-
Direct Revenue Growth	-	-	-	-	-	-	-
Reimbursed Out Of Pocket Revenue	-	-	-	-	-	-	-
Reimbursed Out Of Pocket Revenue Growth	-	-	-	-	-	-	-
Endocrine	26M	-	-	-	-	-	-
Endocrine Growth	-	-	-	-	-	-	-
Medical Devices	11.77M	-	-	-	-	-	-
Medical Devices Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Medpace Holdings, Inc. (MEDP) has a price-to-earnings (P/E) ratio of 48.9x. This suggests investors expect higher future growth.

Growth & Financials

Medpace Holdings, Inc. (MEDP) reported $2.36B in revenue for fiscal year 2024. This represents a 713% increase from $290.0M in 2014.

Medpace Holdings, Inc. (MEDP) grew revenue by 11.8% over the past year. This is steady growth.

Yes, Medpace Holdings, Inc. (MEDP) is profitable, generating $433.0M in net income for fiscal year 2024 (19.2% net margin).

Dividend & Returns

Medpace Holdings, Inc. (MEDP) has a return on equity (ROE) of 58.4%. This is excellent, indicating efficient use of shareholder capital.

Medpace Holdings, Inc. (MEDP) generated $703.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Medpace Holdings, Inc. (MEDP) 10-Year Financial Performance & Capital Metrics

MEDP • • Industrial / General

HealthcareDiagnostics & ResearchContract Research & Clinical Trial ServicesClinical Research Organizations

Revenue $2.11B +11.8%
EBITDA $476M +31.1%
Net Income $404M +43.0%
EPS (Diluted) 12.63 +42.2%
Gross Margin 31.12% +11.9%
EBITDA Margin 22.58% +17.2%
Operating Margin 21.19% +18.6%
Net Margin 19.17% +27.9%
ROE 58.42% -2.4%
ROIC 88.05% +74.7%
Debt/Equity 0.18 -28.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 51.6%
✓Strong 5Y profit CAGR of 32.1%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 27.1% free cash flow margin
✓Momentum leader: RS Rating 86 (top 14%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Expensive at 24.0x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y21.94%

5Y19.62%

3Y22.68%

TTM13.88%

Profit (Net Income) CAGR

10Y-

5Y32.12%

3Y30.53%

TTM18.42%

EPS CAGR

10Y-

5Y36.45%

3Y37.96%

TTM25.31%

ROCE

10Y Avg22.4%

5Y Avg35.3%

3Y Avg46.02%

Latest51.72%

Peer Comparison

Clinical Research Organizations

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MEDPMedpace Holdings, Inc.	17.41B	618.04	48.93	11.84%	18.36%	147.46%	3.29%	0.18
IQVIQVIA Holdings Inc.	41.09B	241.28	32.21	2.81%	8.07%	20.4%	5.14%	2.33
ICLRICON Public Limited Company	13.94B	182.56	19.16	1.99%	7.4%	6.42%	8.02%	0.38

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	359.06M	421.58M	436.15M	704.59M	860.97M	925.92M	1.14B	1.46B	1.89B	2.11B
Revenue Growth %	0.24%	0.17%	0.03%	0.62%	0.22%	0.08%	0.23%	0.28%	0.29%	0.12%
Cost of Goods Sold+	202.66M	249.47M	261.46M	489.06M	615.27M	647.2M	814.22M	1.03B	1.36B	1.45B
COGS % of Revenue	0.56%	0.59%	0.6%	0.69%	0.71%	0.7%	0.71%	0.7%	0.72%	0.69%
Gross Profit+	156.39M	172.11M	174.69M	215.53M	245.7M	278.73M	328.15M	432.44M	524.5M	656.3M
Gross Margin %	0.44%	0.41%	0.4%	0.31%	0.29%	0.3%	0.29%	0.3%	0.28%	0.31%
Gross Profit Growth %	0.17%	0.1%	0.01%	0.23%	0.14%	0.13%	0.18%	0.32%	0.21%	0.25%
Operating Expenses+	135.83M	119.62M	109.83M	114.48M	118.43M	111.68M	129.54M	153.74M	187.68M	209.44M
OpEx % of Revenue	0.38%	0.28%	0.25%	0.16%	0.14%	0.12%	0.11%	0.11%	0.1%	0.1%
Selling, General & Admin	57M	61.51M	63.36M	75.68M	95.25M	92.16M	108.42M	131.4M	161.35M	180.18M
SG&A % of Revenue	0.16%	0.15%	0.15%	0.11%	0.11%	0.1%	0.09%	0.09%	0.09%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	78.83M	58.11M	46.47M	38.8M	23.19M	19.53M	21.12M	22.34M	26.33M	29.25M
Operating Income+	20.56M	52.49M	64.86M	101.05M	127.26M	167.04M	198.62M	278.7M	336.82M	446.87M
Operating Margin %	0.06%	0.12%	0.15%	0.14%	0.15%	0.18%	0.17%	0.19%	0.18%	0.21%
Operating Income Growth %	-0.21%	1.55%	0.24%	0.56%	0.26%	0.31%	0.19%	0.4%	0.21%	0.33%
EBITDA+	90.08M	110.6M	111.33M	139.85M	150.45M	186.57M	219.73M	301.04M	363.15M	476.12M
EBITDA Margin %	0.25%	0.26%	0.26%	0.2%	0.17%	0.2%	0.19%	0.21%	0.19%	0.23%
EBITDA Growth %	-0.04%	0.23%	0.01%	0.26%	0.08%	0.24%	0.18%	0.37%	0.21%	0.31%
D&A (Non-Cash Add-back)	69.52M	58.11M	46.47M	38.8M	23.19M	19.53M	21.12M	22.34M	26.33M	29.25M
EBIT	19.43M	41.34M	64.5M	101.05M	127.26M	167.04M	198.62M	278.7M	336.82M	446.87M
Net Interest Income+	-27.26M	-19.38M	-7.56M	-8.16M	-1.57M	307K	-105K	-2.9M	-488K	25M
Interest Income	0	0	0	0	0	307K	0	0	0	25M
Interest Expense	27.26M	19.38M	7.56M	8.16M	1.57M	0	105K	2.9M	488K	0
Other Income/Expense	-28.39M	-30.53M	-7.91M	-7.1M	-2.43M	1.49M	3.24M	4.16M	-1.14M	29.05M
Pretax Income+	-7.83M	21.96M	56.95M	93.95M	124.83M	168.53M	201.85M	282.86M	335.68M	475.92M
Pretax Margin %	-0.02%	0.05%	0.13%	0.13%	0.14%	0.18%	0.18%	0.19%	0.18%	0.23%
Income Tax+	843K	8.53M	17.82M	20.77M	24.39M	23.15M	20M	37.49M	52.87M	71.54M
Effective Tax Rate %	1.11%	0.61%	0.69%	0.78%	0.8%	0.86%	0.9%	0.87%	0.84%	0.85%
Net Income+	-8.67M	13.43M	39.12M	73.19M	100.44M	145.38M	181.85M	245.37M	282.81M	404.39M
Net Margin %	-0.02%	0.03%	0.09%	0.1%	0.12%	0.16%	0.16%	0.17%	0.15%	0.19%
Net Income Growth %	0.44%	2.55%	1.91%	0.87%	0.37%	0.45%	0.25%	0.35%	0.15%	0.43%
Net Income (Continuing)	-8.67M	13.43M	39.12M	73.19M	100.44M	145.38M	181.85M	245.37M	282.81M	404.39M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.28	0.37	0.98	1.97	2.67	3.84	4.81	7.28	8.88	12.63
EPS Growth %	0.47%	2.32%	1.65%	1.01%	0.36%	0.44%	0.25%	0.51%	0.22%	0.42%
EPS (Basic)	-0.28	0.38	1.00	2.05	2.79	4.07	5.06	7.57	9.20	13.06
Diluted Shares Outstanding	39.63M	36.33M	39.84M	36.91M	37.58M	37.71M	37.7M	33.67M	31.84M	32.01M
Basic Shares Outstanding	39.63M	35.69M	39.06M	35.55M	35.88M	35.63M	35.86M	32.39M	30.72M	30.96M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	94.72M	133.25M	129.97M	178.11M	317.03M	473.65M	690.91M	333.96M	593.83M	1.03B
Cash & Short-Term Investments	14.88M	37.1M	26.48M	23.27M	131.92M	277.77M	461.3M	28.27M	245.45M	669.44M
Cash Only	14.88M	37.1M	26.48M	23.27M	131.92M	277.77M	461.3M	28.27M	245.45M	669.44M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	65.09M	79.77M	83.08M	133.45M	155.66M	160.96M	186.43M	253.4M	298.4M	296.44M
Days Sales Outstanding	66.16	69.06	69.53	69.13	65.99	63.45	59.57	63.35	57.75	51.3
Inventory	2.86M	308K	7K	7K	0	0	0	0	0	0
Days Inventory Outstanding	5.15	0.45	0.01	0.01	-	-	-	-	-	-
Other Current Assets	2.86M	308K	7K	7K	0	0	0	52.29M	49.98M	63.35M
Total Non-Current Assets+	889.32M	845.86M	820.75M	789.82M	826.04M	917.03M	969.02M	1.02B	1.06B	1.07B
Property, Plant & Equipment	37.51M	43.8M	48.74M	52.26M	99.44M	198.83M	222.71M	248.92M	265.39M	252.26M
Fixed Asset Turnover	9.57x	9.62x	8.95x	13.48x	8.66x	4.66x	5.13x	5.87x	7.11x	8.36x
Goodwill	660.98M	660.98M	660.98M	660.98M	662.4M	662.4M	662.4M	662.4M	662.4M	662.4M
Intangible Assets	186.74M	136.07M	98.74M	69.18M	54.35M	46.47M	41.36M	38.01M	35.81M	34.37M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	3.93M	4.9M	5.94M	6.69M	9.48M	8.79M	17.42M	21.13M	24.97M	22.25M
Total Assets+	984.04M	979.11M	950.72M	967.93M	1.14B	1.39B	1.66B	1.35B	1.66B	2.1B
Asset Turnover	0.36x	0.43x	0.46x	0.73x	0.75x	0.67x	0.69x	1.08x	1.14x	1.00x
Asset Growth %	-0.1%	-0.01%	-0.03%	0.02%	0.18%	0.22%	0.19%	-0.19%	0.23%	0.27%
Total Current Liabilities+	134.02M	168.6M	192.71M	257.03M	343M	440.11M	557.22M	803.47M	925.13M	1.1B
Accounts Payable	8.73M	10.91M	16.67M	16.74M	22.4M	26.55M	25.68M	33.07M	31.87M	32.53M
Days Payables Outstanding	15.72	15.96	23.28	12.49	13.29	14.97	11.51	11.75	8.54	8.17
Short-Term Debt	59K	12.38M	16.5M	0	0	0	0	50M	0	23.29M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	71.26M	76.69M	81.81M	36.2M	53.11M	63.73M	85.46M	118.74M	116.26M	115.27M
Current Ratio	0.71x	0.79x	0.67x	0.69x	0.92x	1.08x	1.24x	0.42x	0.64x	0.93x
Quick Ratio	0.69x	0.79x	0.67x	0.69x	0.92x	1.08x	1.24x	0.42x	0.64x	0.93x
Cash Conversion Cycle	55.59	53.55	46.26	56.64	-	-	-	-	-	-
Total Non-Current Liabilities+	436.55M	199.79M	254.48M	121.2M	73.79M	144.79M	149.79M	162.64M	172.75M	170.77M
Long-Term Debt	377.88M	151.27M	205.11M	79.72M	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	45.21M	115.14M	130.97M	138.87M	142.12M	126.23M
Deferred Tax Liabilities	21.1M	12.03M	560K	439K	12.85M	13.55M	1.08M	1.07M	2.4M	1.8M
Other Non-Current Liabilities	37.56M	36.49M	48.81M	41.04M	15.72M	16.09M	17.75M	22.7M	28.22M	42.73M
Total Liabilities	570.57M	368.39M	447.19M	378.23M	416.79M	584.9M	707.01M	966.11M	1.1B	1.28B
Total Debt+	377.94M	163.64M	221.61M	79.72M	45.21M	115.14M	130.97M	188.87M	142.12M	149.52M
Net Debt	363.06M	126.54M	195.13M	56.45M	-86.71M	-162.62M	-330.34M	160.6M	-103.33M	-519.91M
Debt / Equity	0.91x	0.27x	0.44x	0.14x	0.06x	0.14x	0.14x	0.49x	0.25x	0.18x
Debt / EBITDA	4.20x	1.48x	1.99x	0.57x	0.30x	0.62x	0.60x	0.63x	0.39x	0.31x
Net Debt / EBITDA	4.03x	1.14x	1.75x	0.40x	-0.58x	-0.87x	-1.50x	0.53x	-0.28x	-1.09x
Interest Coverage	0.75x	2.71x	8.58x	12.39x	81.16x	-	1891.57x	95.94x	690.22x	-
Total Equity+	413.47M	610.71M	503.53M	589.7M	726.28M	805.78M	952.93M	386.39M	558.95M	825.54M
Equity Growth %	0.03%	0.48%	-0.18%	0.17%	0.23%	0.11%	0.18%	-0.59%	0.45%	0.48%
Book Value per Share	10.43	16.81	12.64	15.98	19.33	21.37	25.28	11.48	17.55	25.79
Total Shareholders' Equity	413.47M	610.71M	503.53M	589.7M	726.28M	805.78M	952.93M	386.39M	558.95M	825.54M
Common Stock	326K	407K	355K	356K	360K	355K	360K	309K	308K	306K
Retained Earnings	-23.01M	-9.58M	-120.4M	-41.49M	68.11M	115.23M	234.98M	-359.83M	-221.65M	8.17M
Treasury Stock	0	0	-6.03M	-6.03M	-6.03M	-5.58M	-5.43M	-12.5M	-12.32M	-12.23M
Accumulated OCI	-2.56M	-3.74M	-734K	-2.52M	-2.74M	-131K	-4.85M	-12.39M	-10.07M	-14.74M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	85.87M	91.73M	97.39M	156.58M	201.87M	258.68M	263.33M	388.05M	433.37M	608.82M
Operating CF Margin %	0.24%	0.22%	0.22%	0.22%	0.23%	0.28%	0.23%	0.27%	0.23%	0.29%
Operating CF Growth %	0.14%	0.07%	0.06%	0.61%	0.29%	0.28%	0.02%	0.47%	0.12%	0.4%
Net Income	-8.67M	13.43M	39.12M	73.19M	100.44M	145.38M	181.85M	245.37M	282.81M	404.39M
Depreciation & Amortization	69.52M	58.11M	46.47M	38.8M	23.19M	19.53M	21.12M	22.34M	26.33M	29.25M
Stock-Based Compensation	22.32M	9.81M	4.46M	6.5M	20.74M	13.78M	14.47M	21.41M	20.52M	25.51M
Deferred Taxes	-12.69M	-9.01M	3.24M	3.94M	10.05M	527K	-37.11M	-23.01M	-25.12M	-26.63M
Other Non-Cash Items	11.76M	12.28M	-8.79M	-5.44M	11.86M	13.2M	16.3M	15.89M	22.35M	19.11M
Working Capital Changes	3.63M	7.1M	12.88M	39.6M	35.59M	66.26M	66.71M	106.06M	106.49M	157.18M
Change in Receivables	337K	-13.73M	-2.9M	-27.05M	-21.26M	-5.53M	-24.98M	-66.92M	-48.28M	2.24M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	2.48M	691K	4.82M	1.34M	4.73M	-2.6M	1.87M	6.43M	1.05M	-2.96M
Cash from Investing+	-6.43M	-13.42M	-12.24M	-16.97M	-19.14M	-31.21M	-31.36M	-38.74M	-34.63M	-28.31M
Capital Expenditures	-6.46M	-13.54M	-11.72M	-16.02M	-17.91M	-31.34M	-28.27M	-36.88M	-36.65M	-36.55M
CapEx % of Revenue	0.02%	0.03%	0.03%	0.02%	0.02%	0.03%	0.02%	0.03%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	33K	115K	-513K	-949K	-1.23M	126K	-3.09M	-1.86M	2.02M	8.24M
Cash from Financing+	-116.49M	-58.01M	-97.83M	-141.58M	-73.92M	-82.28M	-44.45M	-775.77M	-182.64M	-154.01M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.04M	-5.48M	130K	608K	6.52M	15.99M	17.64M	22.07M	11.38M	15.86M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	79.41M	78.19M	85.09M	140.56M	183.96M	227.34M	235.06M	351.17M	396.73M	572.27M
FCF Margin %	0.22%	0.19%	0.2%	0.2%	0.21%	0.25%	0.21%	0.24%	0.21%	0.27%
FCF Growth %	0.14%	-0.02%	0.09%	0.65%	0.31%	0.24%	0.03%	0.49%	0.13%	0.44%
FCF per Share	2.00	2.15	2.14	3.81	4.90	6.03	6.24	10.43	12.46	17.88
FCF Conversion (FCF/Net Income)	-9.90x	6.83x	2.49x	2.14x	2.01x	1.78x	1.45x	1.58x	1.53x	1.51x
Interest Paid	24.43M	16.89M	6.89M	7.59M	1.49M	104K	123K	2.94M	3.06M	171K
Taxes Paid	10.55M	17.65M	17.18M	23.31M	13.23M	23.11M	56.24M	50.16M	76.35M	83.57M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-2.13%	2.62%	7.02%	13.39%	15.27%	18.98%	20.68%	36.64%	59.83%	58.42%
Return on Invested Capital (ROIC)	1.91%	5.2%	6.78%	11.27%	14.85%	19.53%	23.54%	35.74%	50.39%	88.05%
Gross Margin	43.56%	40.83%	40.05%	30.59%	28.54%	30.1%	28.73%	29.62%	27.81%	31.12%
Net Margin	-2.42%	3.18%	8.97%	10.39%	11.67%	15.7%	15.92%	16.81%	15%	19.17%
Debt / Equity	0.91x	0.27x	0.44x	0.14x	0.06x	0.14x	0.14x	0.49x	0.25x	0.18x
Interest Coverage	0.75x	2.71x	8.58x	12.39x	81.16x	-	1891.57x	95.94x	690.22x	-
FCF Conversion	-9.90x	6.83x	2.49x	2.14x	2.01x	1.78x	1.45x	1.58x	1.53x	1.51x
Revenue Growth	23.8%	17.41%	3.46%	61.55%	22.19%	7.54%	23.38%	27.8%	29.17%	11.84%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Oncology	189.03M	256.77M	-	362.85M	467.8M	587.1M	651.24M
Oncology Growth	-	35.84%	-	-	28.92%	25.50%	10.92%
Metabolic	94.13M	138.65M	-	159.9M	244.68M	376.84M	457.54M
Metabolic Growth	-	47.30%	-	-	53.02%	54.01%	21.41%
Other	161.19M	222.51M	-	267.42M	296.91M	404.84M	431.38M
Other Growth	-	38.04%	-	-	11.03%	36.35%	6.56%
Cardiology	91.82M	91.26M	-	119.69M	174.63M	193.69M	230.45M
Cardiology Growth	-	-0.62%	-	-	45.90%	10.91%	18.98%
Central Nervous System	53.9M	65.39M	-	121.55M	157.94M	160.06M	181.98M
Central Nervous System Growth	-	21.31%	-	-	29.94%	1.34%	13.70%
Antiviral And Anti Infective	76.74M	86.39M	-	110.98M	118.03M	163.31M	156.46M
Antiviral And Anti Infective Growth	-	12.58%	-	-	6.36%	38.36%	-4.20%
Revenue Net	15.1M	18.9M	15.9M	34.5M	1.46B	1.89B	-
Revenue Net Growth	-	25.17%	-15.87%	116.98%	4131.87%	29.17%	-
Direct Revenue	-	-	-	-	-	-	-
Direct Revenue Growth	-	-	-	-	-	-	-
Reimbursed Out Of Pocket Revenue	-	-	-	-	-	-	-
Reimbursed Out Of Pocket Revenue Growth	-	-	-	-	-	-	-
Endocrine	26M	-	-	-	-	-	-
Endocrine Growth	-	-	-	-	-	-	-
Medical Devices	11.77M	-	-	-	-	-	-
Medical Devices Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Medpace Holdings, Inc. (MEDP) has a price-to-earnings (P/E) ratio of 48.9x. This suggests investors expect higher future growth.

Growth & Financials

Medpace Holdings, Inc. (MEDP) reported $2.36B in revenue for fiscal year 2024. This represents a 713% increase from $290.0M in 2014.

Medpace Holdings, Inc. (MEDP) grew revenue by 11.8% over the past year. This is steady growth.

Yes, Medpace Holdings, Inc. (MEDP) is profitable, generating $433.0M in net income for fiscal year 2024 (19.2% net margin).

Dividend & Returns

Medpace Holdings, Inc. (MEDP) has a return on equity (ROE) of 58.4%. This is excellent, indicating efficient use of shareholder capital.

Medpace Holdings, Inc. (MEDP) generated $703.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.